Understanding Consumption

Paperback | April 1, 1989

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This book provides an overview of the recent research on saving and consumption, a field in which substantial progress has been made over the last decade.Attempts by economists to understand saving and consumption patterns have generated some of the best science in economics. For more than fifty years, there has been serious empirical and theoretical activity, and data, theory, and policy have never been separated as has happened in many branches ofeconomics. Research has drawn microeconomists interested in household behaviour, as well as macroeconomists, for whom the behaviour of aggregate consumption has always occupied a central role in explaining aggregate fluctuations. Econometricians have also made distinguished contributions, andthere has been a steady flow of new methodologies by those working on saving and consumption, in time-series econometrics, as well as in the study of micro and panel data.A coherent account of these developments is presented here, emphasizing the interplay between micro and the macro, between studies of cross-section and panels, and those using aggregate time series data.

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`This book derives from the Clarendon Lectures in Economics given by the author in May 1991. If the lectures were as compelling as the book, it is difficult to believe there was even standing room available by the final day! ... One of the many attractive features of this volume is theinterplay between time-series analysis and individual data processes ... Deaton has not only provided an insightful analysis of what has been done but has also laid out a tantalizing research agenda.'Economica